Geomarketing Market Size is Projected to Reach USD 142720 Million by 2026

BANGALORE, India, Sept. 15, 2020 /PRNewswire/ — According to the Latest market research report “Geomarketing Market by Type (Wi-Fi, Bluetooth, Beacons, NFC, GPS), by Application (Indoor, Outdoor) and Region – Global Forecast to 2026“, published on Valuates Reports. The global Geomarketing market size was USD 56470 Million in 2019, and it is expected to reach USD 142720 Million by the end of 2026, with a CAGR of 14.1% during 2021-2026.

The availability of product options and intense competition amongst businesses have created a need to effectively manage the long-term customer relationship and put tremendous pressure on marketing decision-makers.

Customer Relationship Management ( CRM) businesses are implementing a multifaceted geomarketing approach in an effort to optimize business value and generate new growth opportunities.

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Major factors driving the Geomarketing Market size include increasing demand for cloud services, growing demand for location-based intelligence to enhance the business outcome, and communicating with customers, visitors, and using location analytics and big data.

With the increase of digital transformation, companies have begun switching to digital marketing platforms rather than conventional strategies, as these provide greater flexibility and customer interaction. Like advertising and television, traditional marketing methods are more costly and less effective than digital marketing instruments. Geomarketing helps organizations reach the right audience based on their location. This feature is expected to increase the marketing market size.

Furthermore, the rise in the adoption of advanced technologies has led to increased computer accessibility, resulting in data expansion, such as customer behavior in retail outlets, real-time marketing analysis, and sensor-driven decision analytics. This rapid growth in IoT is, in turn, expected to drive the geomarketing market size.

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North America is expected to hold the largest Geomarketing Market share during the forecast period. This dominance of North America is attributed to the startup culture and advanced technology infrastructure and solutions.

Asia Pacific is expected to witness the highest growth during the forecast period. This is due to the growing need to cut costs associated with marketing and demand for improved customer service.

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The key players covered in this study

  • Google
  • Microsoft
  • IBM
  • Cisco
  • Oracle
  • Adobe
  • Salesforce
  • ESRI
  • Ericsson
  • Qualcomm.

Market segment by Type, the product can be split into

  • Wi-Fi
  • Bluetooth
  • Beacons
  • NFC
  • GPS.

Market segment by Application, split into

Market segment by Regions/Countries, this report covers

  • North America
  • Europe
  • China
  • Japan
  • Southeast Asia
  • India
  • Central & South America.

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●  Location-based Services Market

The location-based services market size was valued at USD 28.95 Billion in 2019 and is projected to reach USD 183.81 Billion by 2027, growing at a CAGR of 26.3% from 2020 to 2027.

The increase in demand for location-based services among various industry verticals for applications such as location-based ads, business intelligence & analytics, and fleet management is expected to drive the  Location-based Services Market size during the forecast period.

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●  Location Analytics Market

The Global Location Analytics Market size is expected to grow from USD 10,262.21 Million in 2019 to USD 24,397.05 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 15.52%.

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●  Geofencing Market

In 2019, the global Geofencing market size was USD 625.8 Million, and it is expected to reach USD 2580.7 million by the end of 2026, with a CAGR of 22.3% during 2021-2026.

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●  Geospatial Imagery Analytics Market

The Global Geospatial Imagery Analytics Market size is expected to grow from USD 4,766.33 Million in 2019 to USD 21,238.55 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 28.27%.

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